Buy Your Next Home Before You Sell Your Current One
A bridge loan uses the equity in your current home to fund your next purchase, so you're not racing to sell before you can buy. I'll walk you through whether it makes sense for your situation, and connect you with a lender who specializes in exactly this.
What Is a Bridge Loan? A simple solution to bridge the gap between the home you have and the home you want.
A bridge loan is a short-term loan that uses the equity in your current home to help fund the down payment or purchase price on your next one, before your current home has sold. Instead of waiting on a closing to make an offer, a bridge loan lets you move on your own timeline. Once your current home sells, you use the proceeds to pay the bridge loan back.
A bridge loan turns the equity you've already built into buying power now, instead of waiting on a sale. It lets you make a stronger, non-contingent offer on your next home, since you're not asking a seller to wait on your closing first. It can mean skipping the in-between rental and moving directly into your new home. And for eligible Compass clients, the Bridge Loan Advance can front up to six months of your bridge loan payments at 0% APR, repaid when your old home sells.
If you want to move but most of your money is tied up in your current home, a bridge loan can free up funds for a down payment or mortgage payments on your next place. Once your current home sells, the proceeds pay the bridge loan back.
If you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
Whether you're using Compass Concierge to increase your home's value, or are making improvements on your own, it may be easier to have construction work done when you're out of the house. A bridge loan can help you move faster so you're out of the house while those improvements are being completed.
The Mark Maimon Team has closed a significant volume of bridge and specialty home financing since the early 2000s, and works with real estate agents and clients across the country on exactly this kind of transaction. I refer my clients to them because they specialize in bridge loans specifically, rather than treating it as a side product.
855-MM-BRIDGE (855-662-7434)
[email protected]
Company NMLS #35286
Licensed In: CA, CO, CT, DC, DE, FL, GA, MA, MD, NC, NH, NJ, NY, PA, RI, TN, TX, VA, (more coming soon).
Information regarding lenders which offer short-term Bridge Loan financing is provided for informational purposes only and does not constitute an endorsement of the particular lenders referenced. Compass cannot guarantee that these institutions will be able to assist and does not assume any responsibility as to the performance of services to be provided by these institutions. There are no requirements that you participate in the Compass Bridge Loan Services or obtain a loan from these providers to participate in any other Compass programs (such as Compass Concierge). Speak to your Bridge Loan lender about all the costs you may be responsible for in connection with your Bridge Loan.
Whether a bridge loan makes sense depends on your specific timeline and equity position. Reach out and I'll help you think it through.
Compass
988 Howard Ave., Suite 300, Burlingame, CA 94010 CA DRE# 01726418
